Asian Journal of Economics, Business and Accounting
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Impact of New Quality Agricultural Productivity on Rural Consumption Upgrading: Mechanisms and Regional Heterogeneity in China
No full textNew quality agricultural productivity provides new impetus and vitality for rural residents\u27 consumption upgrade. Based on panel data from 30 Chinese provinces (2014-2024), this study employs an econometric model to examine the mechanisms and spatial heterogeneity of this impact. The results indicate that new quality agricultural productivity significantly promotes consumption upgrade through industrial structure optimization and increased rural income. Its effect is strongest in the western region, followed by the central region, and weakest in the east. Given its strong geographical penetration, particularly benefiting poverty-stricken areas, regionally targeted policies should be formulated to increase rural disposable income, stimulate hedonic consumption potential, and promote consumption upgrade for both rural and urban residents
Balancing Ethics and Returns: A Comprehensive Review of Socially Responsible Investment Performance
No full textThis systematic literature review comprehensively examines the performance of Socially Responsible Investments (SRI) by synthesizing existing research on financial returns, risk factors, and stakeholder impacts. The study explores the relationship between SRI practices and investment returns, assessing the influence of Environmental, Social, and Governance (ESG) criteria. While many studies suggest SRI can deliver comparable returns to conventional investments, inconsistencies remain, with SRI sometimes offering downside protection during market downturns but potentially underperforming in stable markets. Strategic approaches, such as focusing on higher ESG scores, can enhance financial performance. However, the lack of standardized definitions and metrics for SRI complicates performance assessments. The review also highlights the distinctive behaviors of SRI investors, who are often driven by ethical considerations and less sensitive to negative performance. Future research should focus on developing standardized ESG metrics and conducting longitudinal and sector-specific analyses. Overall, this review provides valuable insights for investors, academics, and policymakers in the context of sustainable financial strategies
Exploring the Impact of Islamic Finance Principles on Micro and Small Enterprise Performance: A Literature Review
No full textBoth micro and small enterprises (MSEs) can drive economies to growth and eradicate poverty, but numerous challenges challenge their finances. The principles of Islamic finance, with other-centered equity, ethical quality, and risk-sharing, have the potential to considerably benefit MSE development and commercialization as compared to conventional systems. This review systematically analyzes existing literature relating Islamic finance principles to MSE performance based on the synthesis of work conducted in Uganda, Oman, Indonesia, and Nigeria with an objective of identifying the gaps to be covered by the preceding empirical study using a qualitative approach. The findings show a positive relationship between the application of mechanisms of Islamic finance, including profit-sharing, interest-free financing, and partnership-based models, and the business performance indicators of profitability, revenue growth, and sustainability. However, the review pinpointed major gaps in available research, including a constricted geographical cover, a small sample size of enterprises, and inadequate gender-dimensional exploration. Further, some inherent methodological inconsistencies, such as ambiguous performance indicators and sampling biases, additionally hamper the generalization of findings. To overcome such gaps, this study suggests that research should be extended into the rural and less-represented regions, should explore gender issues, and should use more solid methodological approaches. This would enable researchers, policy-makers, and financing bodies to appreciate and utilize the very full potential of the principles of Islamic finance in empowering MSEs to promote inclusive economic development
Behavioural Finance in Banking and Management: A Study on the Trends and Challenges in the Banking Industry
No full textBy incorporating psychological insights into financial decision-making and questioning conventional economic theories, behavioral finance has become a revolutionary field. Behavioral finance offers a sophisticated understanding of how social influences, emotions, and cognitive biases impact financial behaviors, organizational choices, and market outcomes in banking and management. The function of behavioral finance in improving these industries\u27 decision-making procedures is examined in this paper. Behavioral finance in banking emphasizes how biases like herd mentality, loss aversion, and overconfidence affect risk assessment, loan decisions, and investing choices. It highlights how crucial it is to comprehend consumer behavior in order to create goods and services that satisfy a range of risk tolerances and financial requirements. Banks may increase consumer financial literacy, improve user experience, and promote long-term financial habits by implementing behavioral insights. Behavioral finance plays a role in management by supporting resource allocation, performance assessment, and strategy planning. Biases like anchoring and confirmation bias are common among managers and can skew assessments and result in less-than-ideal choices. To reduce these risks, behavioral frameworks promote the application of debiasing strategies including scenario analysis and organized decision-making. Additionally, they encourage the implementation of incentive schemes that match personal aspirations with corporate aims. There are many advantages to integrating behavioral finance into banking and management, such as better stakeholder interest alignment, increased customer happiness, and better risk management. To reach its full potential, nevertheless, issues including cultural differences, ethical concerns, and the difficulty of behavioral therapies must be resolved. In order to close the gap between theoretical understanding and practical applications, this article highlights the importance of behavioral finance as a tool to promote resilience, innovation, and efficiency in the ever-changing banking and management landscapes
Decoding Investment Intentions: Uncovering How Risk Tolerance, Financial Literacy, and Subjective Norms Drive Students to Begin Stock Investing
No full textInvestment is the allocation of capital over a certain period to generate profit or increase asset value. This study examines the influence of risk tolerance, financial literacy, and subjective norms on university students\u27 intention to invest in stocks in Bali, Indonesia, with a sample of 150 respondents. The Structural Equation Modeling - Partial Least Squares (SEM-PLS) method is used to analyze the relationships between these variables. Risk tolerance reflects students\u27 readiness to face financial uncertainty, financial literacy measures their understanding of financial concepts, and subjective norms indicate social pressure in investment decisions. The findings show that all three factors positively and significantly affect stock investment intentions. Financial literacy enhances confidence in decision-making, while risk tolerance strengthens students\u27 readiness to participate in the stock market. Subjective norms also play a crucial role in shaping investment intentions. This study provides insights for future research on investment behavior in developing countries, particularly Indonesia
Advancing Financial Inclusion for Small and Medium Enterprises through Generative AI Frameworks in the United States
No full textAim: This study examines the role of generative AI in enhancing financial inclusion among Small and Medium Enterprises (SMEs) in the United States. It explores the potential of AI- driven frameworks in mitigating financial constraints, improving credit accessibility, and streamlining financial processes for SMEs.
Study Design: A systematic review of literature published between 2019 and 2024 was conducted to assess the impact of generative AI technologies on financial services for SMEs. The study specifically focuses on digital lending innovations, AI-driven credit assessment strategies, and their role in advancing financial inclusion.
Methodology: The study employed a systematic literature review approach, sourcing peer- reviewed journal articles and reports from Google Scholar, Scopus, IEEE Xplore, and SSRN. Articles were selected based on their direct relevance to generative AI applications in financial inclusion and SME development in the United States. Only studies that explicitly addressed AI-driven financial solutions for SMEs were included in the review.
Results: The findings reveal that generative AI has significantly contributed to reducing financial exclusion among SMEs. Key applications such as automated credit scoring, fraud detection, and AI-powered financial advisory services have shown high potential in improving credit access, operational efficiency, and risk management. However, the adoption of these technologies faces critical challenges, including data privacy concerns, ethical issues, and high implementation costs.
Conclusions: Generative AI has the potential to drive financial inclusion for SMEs in the United States by expanding access to financial services and improving credit assessment methodologies. However, addressing barriers to adoption requires collaborative efforts among policymakers, financial institutions, and technology developers to ensure equitable access, ethical implementation, and long-term sustainability of AI-driven financial solutions
Travel to Border Destinations: Exploring the Motivations and Revisit Intentions of Tourists in Border Regions
No full textTourism in border regions, particularly those with geopolitical significance, has emerged as a niche but growing field within the tourism industry. This study explores the motivations, experiences, and behavioral outcomes of tourists visiting the politically sensitive border areas of Kashmir. Using a sample of 600 tourists and employing Structural Equation Modelling (SEM), the research examines the relationships between five core motivations—cultural heritage, adventure-seeking, political curiosity, personal growth, and support for local tourism—and their effects on tourist satisfaction and revisit intentions. The findings highlight that cultural heritage and political curiosity are the most significant drivers of tourist satisfaction, which in turn mediates the relationship between motivations and revisit intentions. Adventure-seeking and personal growth also positively influence satisfaction, though to a lesser extent. Tourist satisfaction is found to be pivotal in determining revisit intentions, suggesting that satisfaction serves as a key mechanism in transforming initial motivations into long-term loyalty. The study offers practical implications for destination management in border regions, emphasizing the need to enhance infrastructure, ensure safety, and promote culturally enriching experiences to foster sustainable tourism. It also underscores the unique role of border tourism in promoting cross-cultural understanding and supporting local economies in conflict-affected areas. This research contributes to the broader literature on conflict and border tourism, providing insights into how geopolitical landscapes shape tourist behavior
Comparative Analysis of Digital Banking and Financial Inclusion in the United States: Opportunities, Challenges and Policy Implications
No full textThis study explores the role of digital banking in promoting financial inclusion in the United States, assessing its opportunities, challenges, and policy implications. Using a comparative analysis of secondary data, policy reports, and literature reviews, the research evaluates how digital banking services have improved financial access, particularly for underserved populations. The findings indicate that digital banking has expanded financial inclusion by offering mobile banking, digital wallets, and contactless payment solutions, reducing dependency on physical bank branches. It was found that regulatory frameworks from institutions such as the Federal Reserve and FDIC have encouraged innovation whilst ensuring consumer protection and financial stability. However, significant challenges persist, including cybersecurity threats, digital literacy gaps, and disparities in broadband access, which hinder equitable financial inclusion. Additionally, the complexity of regulatory compliance slows fintech adoption, limiting the reach of digital financial services to underbanked communities. Notwithstanding these obstacles, the result revealed that digital banking continues to transform the financial landscape. Fintech firms and traditional banks are leveraging artificial intelligence, blockchain, and open banking to enhance service accessibility. The study highlights that bridging the financial inclusion gap requires collaborative efforts among policymakers, financial institutions, and technology providers
Analyzing the Implications of Public Debt on Budget Implementation in Sub-Saharan Africa: A Public Choice Theory Perspective
No full textThis study investigated the implications of public debt on budget implementation in Sub-Saharan African countries. Specifically, it examined how the allocation of resources towards servicing public debt affects budget implementation, it assessed the extent to which budget deficits drive borrowing and their impact on the implementation of budgetary plans as well as analyzed how fluctuations in interest rates influence the sustainability of public debt spanning from 2012 to 2021. The population consisted of sixteen countries randomly selected from East, West, Central, and South regions of Sub-Saharan Africa based on GDP size as of December 2021. This study made use of secondary data through ex post facto research design and data were sources through World Bank indicator, utilizing panel data analysis techniques, including descriptive statistics. The findings of this study reveal the significant positive relationship between actual debt servicing (ADS) and government final consumption expenditure (GFE) underscores the effective allocation of resources towards servicing public debt directly influences budget implementation. Secondly, while interest rates (INTR) and domestic debt (DDT) do not exhibit significant impacts on GFE, the mixed results regarding foreign debt (FDT) highlight the complex dynamics of borrowing patterns and their influence on budgetary plans. The significant impact of the exchange rate (EXTR) on GFE emphasizes the importance of external factors in shaping budget implementation, particularly in Sub-Saharan African countries where exchange rate fluctuations can significantly affect debt sustainability and fiscal stability. These findings underscore the multifaceted nature of budget implementation and highlight the interconnectedness between resource allocation for servicing public debt, borrowing patterns, and external factors such as interest rates and exchange rates in Sub-Saharan African countries
An Empirical Study on the Impact of FII and DII on Volatility, Leverage and Long-Term Returns of the Indian Stock Index
No full textEstimating volatility is the key factor to be analyzed in taking the financial decisions. Financial strategies are framed after due investigation of financial market volatility. This study examines the impact of foreign institutional investment (FII) & Domestic Institutional investment (DII) in Indian stock market and analyses the volatility of National Stock Exchange (NSE) categorical indices for the period of 10 years from 20th February 2014 to 20th February 2024. The study is conducted using the logarithmic return of series of Nifty 50, Nifty Midcap 50 & Nifty Small Cap 50. GARCH (1,1) and T-GARCH (1,1) model have been used to check the volatility & leverage effect in the three major indices of Nifty. The study shows Nifty MidCap 50 is highly volatile compared to Nifty50 & Nifty Small Cap 50. By analyzing T-GARCH all the indices have leverage effect. Moreover, foreign institutional investment (FII) & Domestic Institutional Investment (DII) have statistically significant impact on volatility of Nifty 50 & Nifty Midcap 50. The study will be helpful for the retail as well as institutional investors for identifying & comparing the volatility of different indices